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IFRS Foundation Annual Report 2012

May 23, 2013

The IFRS Foundation (IFRSF) under which the IASB operates has published its Annual Report for 2012. The report is split into three sections: IFRS Foundation, Standard-setting activities, and Financials.

In his "Report of the Chairman of the IFRS Foundation Trustees" Michel Prada describes the organisation in two chapters. The first chapter depicted by the developments and accomplishments between 2001 to 2011 and chapter two, which began in 2012, “will be characterised by consolidating and building on the successes of the first chapter.” Additionally, for 2013, the report states the following three priorities for the IFRSF:

First, we will work to ensure that the initiatives resulting from the strategy and governance reviews are fully bedded in. Second, we will work in close co-operation with the Monitoring Board and others to further develop the long-term funding arrangements for the organisation. Third, we will undertake several initiatives to encourage the adoption and consistent application of IFRS globally. These include the development of country and jurisdictional profiles on the use of IFRS, which are to be published and maintained on the IFRS website.

In his “Report of the Chairman of the IASB” Hans Hoogervorst describes various standard setting projects, including the convergence project with the FASB (revenue recognition, financial instruments, and leases) and conceptual framework. Regarding the convergence project, Chairman Hoogervorst states:

The decade-long convergence programme has been quite an achievement. While full convergence has not been possible in all areas, our work with the FASB has harmonised and improved financial reporting requirements globally. It is a credit to both boards that we have been able to achieve so much coming from, in many cases, very different starting points.

The full report which contains additional statements from the Monitoring Board, Due Process Oversight Committee, IFRS Interpretation Committee, and Advisory Council, as well as audited financial statements is available on the IASB's website.